Auckland Council needs to fill $750m shortfall

Wed, 15 Jul 2020

Auckland Council is facing a "larger than expected" fiscal hole of $750 million this year, including a provision of $224 million to shore up its creaking water infrastructure. In announcing its decision to go with a 3.5 percent rates increase as part of its 'emergency budget' for the coming year, Mayor Phil Goff said the city will shed a total of 1,100 jobs and had also approved an extension of its 270 percent debt-to-revenue ratio limit, to a level of about 290 percent for the next year. The rates hike comes despite an overwhelming majo...

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